I have a personal flying machine concept but not the funds to build it.
Ryan - money isn 't the answer. You must start by understand the step by step guide to building a great company. Buy a copy of The Startup Owner's Manual. You have to do a lot of work before raising money and building even your prototype. It will save you a lot of heartache to learn about the market entry challenges. It isn't just about having a better mousetrap.
You could check with your school's entrepreneurship funding opportunities
Next up depending on your idea, try those who develop prototypes to get it at a nominal rate.
Lastly well raise funds on crowdsourcing platforms-you could even try developing it in-house at a small scale with materials around you and then take it to a lab later
You're too early for a loan. Entities providing loans are quite risk averse. Either you won't qualify or the terms will be outrageous. Others have mentioned some good options, here's a summary of potential funding opportunities:
Before you start any of this though, get some feedback from potential end users to make sure you have a viable and desirable product.
Best of luck!
It's all about getting people in your court. Especially considering you probably don't have a lot of experience in any part of the process being so young. You need supporters.
Inventions don't happen in a bubble, you can't do it yourself. You will need help from others if for no other reason than to check your assumptions. Many young people don't realize that a product is not a business, and a concept is not an invention.
A personal flying machine no doubt requires significant engineering skills. Assuming you are not an engineer, you have to be able to convey your concept and how you solve problems that make it possible. I've found the best way to do this in my physical designs is to start with hand sketches. If you aren't good at drawing, find someone who is. Again, it's all about getting others to "Get it" and like the idea and your ability to make a successful business out of it. But more importantly, what's in it for them if they help you.
I have also found that making physical models out of anything around the house or garage or local hardware store can go a long ways.
Mark Cuban, the famous entrepreneur often remarks that you are a fool to borrow money for a startup. The reason he says this is that you never know exactly how long, and thus how much money, you are actually going to need. Inventors and entrepreneurs are optimistic people in general, and the consequences of being 6 months late when your loans run out could be catastrophic. The reason VC's are rich and many inventors are not, is that the VC's know that it will take longer and more money to get off the runway, and each "visit to the well" as they call it, causes a loss of stock ownership, with negative consequences. So even if you could obtain a loan, it would not be wise.
Do the market research first to know who all are interested in building such product and then approach them with a plan + model.
It's good to have an idea, better to have a plan and best to have a model/mvp with enthusiastic team members.
Please feel free to contact me if you require further assistance. All the best.
Anuj || www.anuj.live
A prototype isn't a company, it's a project. You don't need to build the machine, but you do need to figure out how your company is going to make money, how much all the manufacturing (and other) elements are going to cost, and make the adjustments necessary to ensure you have a business beyond the idea for a product. Investors (including banks and others that issue loans) invest in (tested) plans, not ideas. A prototype might prove your manufacturing capability but it does almost nothing to prove you have a business.